So FedNow for Canada, meaning you can't use this outside of Canada at all.

Crypto blockchains like Solana, XRP, Stellar and Tempo on the other hand can be used anywhere worldwide, 24/7 and sends stablecoins like USDC in seconds with extremely low fees.

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petcat 5 hours ago | parent | next [-]

Crypto blockchains are useless for these kinds of transactions because in the real world people make mistakes, get scammed, or myriad other things that requires a transaction to be reversed.

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rvz 4 hours ago | parent [-]

No different to a bank transfer. You understand that they cannot be reversed either?

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petcat 4 hours ago | parent | next [-]

There's nothing technically requiring a bank transfer not to be reversed. I can appeal to my bank, legally, and to the receiving bank.

This happens all the time.

	▲	xp84 4 hours ago \| parent \| next [-]
		Suppose you transfer $1000 to me on Monday via ACH (the old thing - pardon my American terminology). If I'm lucky, I can wire that money out of my account, or pull it out in cash, on Wednesday. Maybe Thursday. During that time it's definitely possible you can get the banks to reverse this transfer. If payment is instant, what that has to mean is that the funds are actually made available to me right away. If you transfer $1000 to me on Monday, and 10 minutes later I've drained my account of funds and disappeared, how can that be "reversed"? Is one of our banks going to just eat it? If payment is "instant, but the funds are held for several days and can't be spent or transferred" then the payment isn't instant in any meaningful way.
	▲	rvz 4 hours ago \| parent \| prev [-]
		There's a clear reason why they don't want to waste their time chasing other banks in recovering your $100 that you sent by mistake and instead warn you to check everything. The point is they know a transfer cannot be reversed, especially when the money has been spent already. Even a bank who sent out £130M [0] in error to multiple people still cannot recover all of it after 4 years. [0] https://www.theguardian.com/business/2021/dec/30/santander-b...

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dkga 4 hours ago | parent | prev [-]

Pix has a reversal mechanism precisely for errors, fraud, etc

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greyw 5 hours ago | parent | prev [-]

As understand it, these mechanisms do not help in the case of fraud or disputes. No way to reverse transactions.

	▲	rvz 4 hours ago \| parent [-]
		You can't reverse a bank transfer either and payment services such as Zelle are a favorite for scammers and also cannot be reversed either. So you have not made a point here.